Home Scotland is launching an innovative new initiative designed to get more people on the property ladder - the first scheme of its kind in the Dundee.

It is offering 14 new-build properties for Shared Equity at its latest development in Honeygreen Road,. This will result in people being able to buy a 60% stake in a new, two-bedroom house for as little as £75,000 and a three-bedroom house for £87,000.

Shared equity means Home Scotland will keep a financial stake in the property so people do not have to fund it all. The buyers will pay for the majority share (between 60% and 80%) and will own the property outright. They do not pay any form of rent to Home Scotland, no matter what stake they take in the property.

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After a two-year period people will have the option to increase their equity stake to 100% and whenever they come to sell their home, they will get whatever percentage of the equity stake they have at that time.

Margarita Morrison, Managing Director of Home Scotland, said: "Getting on the property ladder is harder than it ever has been but by offering Dundee's first ever Shared Equity, we are making a real contribution to affordable housing in the city."

The Shared Equity properties are being marketed through Miller Hendry, and the first houses should be ready to move in to in November 2008.

(GK/JM)